FSC raises alarm on cyber-financial crimes

In its latest update, the Financial Stability Council (FSC), made up of the Bank of Botswana, the Non-Bank Financial Institutions Regulatory Authority, the Financial Intelligence Agency and the Finance ministry, said there is a growing threat to online banking systems, revealing that more financial institutions were getting exposed to the risks of being hacked or interfered with by outsiders.

“With the increasing digitisation of financial services, including online banking, mobile payments and digital currencies, cybercrimes pose a significant threat to the financial sector and the economy,” the council said.